Payments to Minors and Incompetents. If a Participant or Beneficiary entitled to receive any benefits hereunder is a minor or is adjudged to be legally incapable of giving valid receipt and discharge for such benefits, or is deemed so by the Administrator, benefits will be paid to such person as the Administrator may designate for the benefit of such Participant or Beneficiary. Such payments shall be considered a payment to such Participant or Beneficiary and shall, to the extent made, be deemed a complete discharge of any liability for such payments under the Plan.
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Sources: 457(b) Custodial Account Agreement, 457(b) Custodial Account Agreement, 403(b) Plan
Payments to Minors and Incompetents. If a Participant or his designated Beneficiary entitled to receive any benefits hereunder is a minor or is adjudged to be legally incapable of giving valid receipt and discharge for such benefits, or is deemed so by the Administrator, benefits will be paid to such person as the Administrator may designate for the benefit of such Participant or Beneficiary. Such payments shall be considered a direct payment to such Participant or Beneficiary and shall, to the extent made, be deemed a complete discharge of any liability for such payments under the Plan.
Appears in 2 contracts
Sources: Supplemental Executive Retirement Agreement (Mainstreet Bankshares Inc), Supplemental Executive Retirement Agreement (Mainstreet Bankshares Inc)
Payments to Minors and Incompetents. If a Participant or Beneficiary entitled to receive any benefits hereunder is a minor or is adjudged to be legally incapable of if giving valid receipt and discharge for such benefits, or is deemed so by the Administrator, benefits will be paid to such person persons as the Administrator may designate for the benefit of such Participant or Beneficiary. Such payments shall be considered a payment to such Participant or Beneficiary and shall, to the extent made, be deemed a complete discharge of any liability for such payments under the Plan.
Appears in 2 contracts
Sources: 457 Governmental Deferred Compensation Plan and Trust, 457 Governmental Deferred Compensation Plan and Trust
Payments to Minors and Incompetents. If a Participant or Beneficiary entitled to receive any benefits hereunder is a minor or is adjudged to be legally incapable of giving valid receipt and discharge for such benefits, or is deemed so by the Administrator, benefits will be paid to a personal representative appointed by a court of competent jurisdiction or, if no court has appointed a representative, to such person personal representative as the Administrator may designate for the benefit may, in Vendor’s sole discretion, be legally qualified to act on behalf of such Participant or Beneficiary. Such payments shall be considered a payment to such Participant or Beneficiary and shall, to the extent made, be deemed a complete discharge of any liability for such payments under the Plan.
Appears in 2 contracts
Payments to Minors and Incompetents. If a Participant or Beneficiary ----------------------------------- entitled to receive any benefits hereunder is a minor or is adjudged to be legally incapable of giving valid receipt and discharge for such benefits, or is deemed so by the Administrator, benefits will be paid to such person as the Administrator may designate for the benefit of such Participant or Beneficiary. Such payments shall be considered a payment to such Participant or Beneficiary and shall, to the extent made, be deemed a complete discharge of any liability for such payments under the Plan.
Appears in 1 contract
Payments to Minors and Incompetents. If a Participant or Beneficiary entitled to receive any benefits hereunder is a minor or is adjudged to be legally incapable of giving valid receipt and discharge for such benefits, or is deemed so by the Administrator, benefits will be paid to such person as the Administrator may designate pursuant to MCA 19-2-803 for the benefit of such Participant or Beneficiary. Such payments shall be considered a payment to such Participant or Beneficiary and shall, to the extent made, be deemed a complete discharge of any liability for such payments under the Plan.
Appears in 1 contract
Payments to Minors and Incompetents. If a Participant or Beneficiary or Eligible Dependent entitled to receive any benefits hereunder is a minor or is deemed by the Administrator or is adjudged to be legally incapable of giving a valid receipt and discharge for such benefits, or is deemed so by the Administrator, benefits they will be paid to the duly appointed guardian of such minor or incompetent or to such other legally appointed person as the Administrator may designate for the benefit of such Participant or Beneficiarydesignate. Such payments shall be considered a payment to such Participant or Beneficiary and shall, to the extent made, be deemed a complete discharge of any liability for such payments payment under the Plan.
Appears in 1 contract
Sources: Executive Deferred Compensation Plan (Pma Capital Corp)
Payments to Minors and Incompetents. If a Participant or Beneficiary entitled to receive any benefits hereunder is a minor or is deemed by the Plan Administrator or is adjudged to be legally incapable of giving a valid receipt and discharge for such benefits, or is deemed so by the Administrator, benefits they will be paid to the duly appointed guardian of such minor or incompetent or to such other legally appointed person as the Plan Administrator may designate for the benefit of such Participant or Beneficiarydesignate. Such payments shall be considered a payment to such Participant or Beneficiary and shall, to the extent made, be deemed a complete discharge of any liability for such payments payment under the Plan.
Appears in 1 contract
Sources: Nonqualified Deferred Compensation Plan (Axalta Coating Systems Ltd.)
Payments to Minors and Incompetents. If a Participant or Beneficiary entitled to receive any benefits hereunder is a minor or is adjudged to be legally incapable of giving valid receipt and discharge for such benefits, or is deemed so by the Administrator, benefits will be paid to such person as the Administrator may designate is authorized under state law to receive payment for the benefit of such Participant or Beneficiary. Such payments shall be considered a payment to such Participant or Beneficiary and shall, to the extent made, be deemed a complete discharge of any liability for such payments under the Plan.
Appears in 1 contract
Sources: Profit Sharing Plan Adoption Agreement (Southern National Bancorp of Virginia Inc)